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Income Taxes
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
NOTE 10 - INCOME TAXES
For the three months ended June 30, 2016 and 2015, the provision for income taxes was $201 million and $202 million, respectively, representing an effective tax rate of 29% for both periods. The effective tax rates for the three months ended June 30, 2016 and 2015 were favorably impacted by net discrete items of $9 million and $15 million, respectively. For the six months ended June 30, 2016 and 2015, the provision for income taxes was $396 million and $393 million, respectively, representing an effective tax rate of 30% for both periods.
The provision for income taxes includes both federal and state income taxes and differs from the provision using statutory rates primarily due to favorable permanent tax items such as income from lending to tax exempt entities and federal tax credits from community reinvestment activities. The Company calculated the provision for income taxes for the three and six months ended June 30, 2016 and 2015 by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.